Responding to improved affordability, buyers in the Western United States are inching back into the real estate market—Breckenridge Colorado real estate being no exception. Statistics for home sales in Breckenridge and Summit County have not so much dipped in dollar volume but in number of units of Breckenridge or Summit County real estate that have been sold.
There is a domino effect of sorts that affects luxury real estate in Breckenridge. Some buyers of Breckenridge CO homes pay cash—about a third. Other buyers in the Summit County market may have funds tied up in real estate investments in cities that have been majorly affected by the housing crisis. According to comments made by Lawrence Yun, National Association of Realtors chief economist to Realty Times Staff, “What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island, and the Washington D.C. region.”
NAR reported that in August 2008 pending U.S. home sales surged 7.4 percent. Across the nation, according to Realtor.org, there was a 7 percent decrease in total housing inventory. At the end of August, 4.26 million existing homes or a 10.4 month supply, were available. A 6.2 percent decline in total new construction starts is helping to lower inventory. In the western part of the country, single-family homes closed at the rate of 18.4 percent. The national median existing-home price fell to $203,100 for all types of units.
This summer, Denver ranked 2nd of 20 metropolitan areas studied in Standard & Poor’s Case-Shiller Home Price Indices. In August 2008, the median price for single-family homes was $225,000 and the average price was $245,753. Inventory fell 20 percent over the past year with buyers taking advantage of low interest rates and lower prices.
As owners across the county more easily liquidate real-estate holdings, they are shopping in Summit County for vacation properties. Baby boomers look to our idyllic setting to retire for family vacations and reunions and the new financially savvy generations of young professionals hunt for second homes and investments. The time is right to get into more affordable resort properties.
We are definitely looking to ride the lift back up the slopes, though it may not be a Gondola Express like we saw a few years ago. Contact Jonna Beardsley at (970) 453-2200 or (800) 774-7970 for friendly and professional real-estate assistance in the area.
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